U.S. 216K Jobs Adds in December Tops Estimates for 170K

Traditional markets are off to a shaky start in 2024, with the Nasdaq, for instance, currently on a five-day losing streak, its first such string of negative days since late 2022. The 10-year Treasury yield – which plunged more than 120 basis points in the final quarter of 2023 on rate cut hopes – is up 25 basis points over the past few sessions and again topping 4%. Putting markets on edge is the idea that investors may have gotten ahead of themselves in predicting a sizable regime of rate cuts to come in 2024.

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